Yesterday, the GBP/USD exchange rate raised to the monthly R1 at 1.2615. During Wednesday morning, the rate was testing the given resistance level.
If the given level holds, it is likely that a reversal south could occur. Note that the currency pair could gain support from the weekly R2 at 1.2536.
If the given support level holds, it is likely that the British Pound could consolidate against the US Dollar in the short term. Otherwise, the pair could decline to the weekly R1 at 1.2448.
